Bitcoin ordinals have found their place in one of the largest cross-chain NFT platforms, Magic Eden.
According to the announcement post, the launch of BTC NFTs in the first audited marketplace ushers in a new era by enabling users to exchange more than 70 collections.
At present, the non-custodial marketplace supports secondary sales that utilize partially signed Bitcoin transactions [PSBT], as the core technology, instead of smart contracts.
PSBT infrastructure is important to enabling permissionless swaps. In order to do our part in pushing the Ordinals ecosystem forward, we’ll be OPEN SOURCING our PSBT signing library to help builders new to the space.
Although it is launching with a secondary collectibles platform, there is already a huge desire to offer a Launchpad where inscription services may be delivered directly to authors.
The team stated that they are developing the best plan and would release more information later.
In terms of handling royalties in this new ecosystem, Magic Eden disclosed that they have decided to launch on Bitcoin without royalty support at the moment as “there is very little tooling and no secure and trustless enforcement solutions.”
“We believe that this is most in line with the ethos of the ecosystem, and despite this, we are actively looking into the development of an on-chain, permissionless royalty standard and are committed to working with creators and the greater community”, it added.
Not long ago, Yuga Labs launched its first Bitcoin-based NFT collection, known as TwelveFold, via the Ordinals protocol.
Over 570k Bitcoin Ordinals Have Been Inscribed
BTC-based NFTs or so-called Ordinals become all the rage with the inscription of the 100,000th ordinal on Feb 14.
Currently, the total number of Bitcoin Ordinals inscriptions is over 570k, data from Dune Analytics showed.
Similar to nonfungible tokens [NFTs], these Inscriptions are digital assets that can be inscribed into one Satoshi, the smallest denomination of a Bitcoin.
The Inscription process involves writing or inscribing the data of the content stored into the witness of the Bitcoin transaction. The witness was introduced in the SegWit upgrade to the BTC network in 2017.
The maximum size for BTC blocks should be 1MB. But, Ordinal users can now add 3MB of data to each block thanks to SegWit and Taproot. The latter was launched on the BTC network on November 14, 2021.